Indian Shares Seen Higher At Open

Indian shares are likely to open higher on Friday, mirroring positive global cues.

Underlying sentiment, however, may remain cautious after almost all states in the country reported a sharp increase in daily Covid caseload.

Benchmark indexes Sensex and the Nifty rose about half a percent on Thursday after a late-hour surge, while the rupee gained 12 paise to close at 74.93 against the U.S. dollar.

Asian markets are turning in a mixed performance this morning as focus shifted to a string of China data released earlier today, with GDP growth for the first three months of the year coming in slightly below expectations.

The dollar headed for its worst back-to-back weekly drop this year as yields on benchmark 10-year Treasury notes fell. Gold traded flat while oil held steady near four-week highs amid improved demand outlook.

U.S. stocks advanced overnight as inflation concerns eased and encouraging retail sales and jobless claims data raised hopes of a broader economic recovery.

The Dow climbed 0.9 percent and the S&P 500 rallied 1.1 percent to reach new record closing highs, while the tech-heavy Nasdaq Composite jumped 1.3 percent to end at its best closing level in two months.

European markets gained ground on Thursday as investors reacted positively to a slew of earnings announcements and dovish comments from Fed officials.

The pan European Stoxx 600 gained half a percent. The German DAX edged up 0.3 percent, France’s CAC 40 index rose 0.4 percent and the U.K.’s FTSE 100 added 0.6 percent.